Centre of the financial universe could soon be shifting east

From The Globe and Mail: Seeking to profit from the U.S. credit crisis, other capitals of finance such as Shanghai, Singapore, Hong Kong, Mumbai and Dubai are bidding to usurp New York’s status as the place to go to raise money, trade stocks or get financial advice.

In Shanghai, glittering skyscrapers such as the 101-storey World Financial Centre in the Pudong business district testify to the city’s ambition to become a global finance centre by 2020. Wall Street’s crisis could serve to quicken that evolution, moving financial power away from its old capitals in New York and London and shifting it to new hubs in Asia and the Middle East….. Full Article: Source